This transaction, on completion, would resolve nearly Rs 600-crore debt of IL&FS Group.
CPPPL, part of the Career Point Group, had emerged as the highest bidder for acquiring IL&FS' education business.
IL&FS Group holds 73.70 per cent in Schoolnet India Ltd (SIL), and Schoolnet India holds 80 per cent stake in IL&FS Skill Development Corporation (ISDC) and also has two subsidiaries IL&FS Cluster Development Initiative Ltd and Skill Training Assessment Management Partners Ltd.
CPPPL made a binding offer, at an implied enterprise value, whereby it shall assume responsibility for all the debt of Schoolnet India and ISDC, in addition to paying a certain amount towards purchase of SIL's equity.
The financial bid of CPPPL was approved by more than 78 per cent of IL&FS Ltd's creditors (by value) through an e-voting process that concluded on November 5, 2019.
This was as stipulated under the Resolution Framework for IL&FS Group submitted with NCLAT and NCLT, Mumbai Bench.
As part of this transaction, CPPPL will also get ownership of 80 per cent stake in IL&FS Skills Development Corporation held by SIL.
CPPPL also made a binding offer to purchase the businesses (including certain business debt) of two other subsidiaries of SIL IL&FS Cluster Development Initiative Ltd and Skill Training Assessment Management Partners Ltd for an additional consideration.
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